An RE Investor’s Guide to Asking for Help
Every real estate investor including CEOs of RE investment firm and sales reps with many years of experience who routinely close six and seven-figure deals needs to seek the advice of a more experienced professional at some point. Regardless of the reason, every investor will need a helping hand from someone else in the field.
To get the help you need when you need it, you must find a mastermind group for real estate investment and heed the group’s suggestions. Here are some excellent reasons to join an RE investment mastermind group so you can help your business flourish no matter what stage of the process you are in.
What is a Mastermind Group?
In short, a mastermind group is a think-tank of experienced professionals who pick each others’ brains, hold each other accountable for goals and achievements and mentor each other according to their various strengths and weaknesses.
Think of a mastermind group as a business support group whose members look after each other and strive to lift every member up. Mastermind groups ensure the success of the entire industry by working together. This business practice is smart for many reasons, and there are several types you can join. Here is some great information that will help you in your quest to join a mastermind group.
Varieties of Mastermind Groups
Here are the different types of mastermind groups from which you can choose:
- Advisory Boards.
Most advisory boards are either formal or informal collectives whose most experienced members serve on the board. You can call on these experts when it is convenient to you. They usually host conference calls or live video chats with members once or twice a month.
- Meetup Groups.
These mastermind groups meet in person in a designated location and are far less formal and structured than advisory board meetings. Typical meetups have standing invitations to all RE investment professionals, and there is no one group of experts available as a knowledge resource. Many local mastermind groups use Meetup.com or similar sites to organize or arrange these meetings.
- RE Investor Clubs.
Like meetups, investor clubs are organized by local firms or agencies and meant to be a forum for RE investment professionals to network, talk to service providers and attend trade shows and seminars together.
- Boardroom Mastermind Groups.
Typically these groups are formed by the top performers in the industry. Joining this type of mastermind group generally gives access to the expertise of six to eight- figure movers and shakers, executives, and other experts who have built an impressive resume for themselves in the RE Investor game. Meetings are held on a specific schedule by video conference, and some require fees to join, but the advantages you and your business can gain from being part of such a group definitely outweigh the cost, particularly if they provide coaching/mentoring and you are just starting out.
Why Join a Mastermind Group?
There are many reasons to find and join a mastermind group for real estate investors. Here are some specifics on how membership can help you personally and professionally:
- Membership Provides Accountability.
Nobody goes into business without a dream or a goal they want to achieve. It is easy to get sidetracked by the day-to-day work of running a real estate investment firm. Talking to others in the industry on a regular basis about your goals and how you are working toward them is an excellent way to keep your focus and ensure you are progressing in the direction you want to go.
- Sharing in Achievement Inspires Success.
Spending time with highly-motivated professionals and talking about their achievements is a great way to stay motivated and pushing for greater achievements yourself. Knowing what can be achieved is often just what you need to drive yourself to greatness.
- Experienced Help With Problem Solving.
All real estate investing professionals have been confronted by problems they did not know how to solve. Joining a mastermind group is a great way to develop effective solutions that you craft with the help of experiences and knowledgeable veterans of the business.
Other members of your group have more than likely overcome many of the challenges you face, particularly when you are just getting started. Reach out to them for help when you need it, as they may provide you with options and possibilities you never would have thought of on your own.
- Know You Are Getting The Best Results.
To build a business that endures and prospers, you need more than top-line revenues. The best profit margins, market share, scale and free time to enjoy the fruits of your labor are equally important. Members of your mastermind group can help you get to where you want to be with the results you are striving to achieve regardless of the current scale of your business.
- Companionship and Moral Support for the Climb.
Getting to the top and achieving your goals can be a lonely endeavor, but it does not have to be. Spending time with like-minded individuals who are pursuing similar goals to your own can make even the most daunting of aspirations feel far more achievable. Do not cut yourself off from the friendships and moral support a great mastermind group can provide.
- Partner Up and Make Allies.
Mastermind groups do not have to be reserved for information gathering or getting feedback and coaching. Members of your mastermind group also have the potential to become collaborative partners when it comes to marketing campaigns and ventures to expand your business. Partnering up or finding allies among your mastermind group helps reduce your expenses, decreases your risk and allows you access to investors and businesses that otherwise would be unavailable to you.
- Bypass the Gatekeepers and Secret Keepers.
A lot of business still revolves around the old adage, “It’s not what you know, it’s who you know.” Networking with the other members of your mastermind group has the potential to grant you access to information and knowledge that is not often shared freely with everyone in the industry. It can also open doors to introductions and connections that previously would have been impossible for you to access on your own.
Finding The Right Mastermind Group For You
To find the right mastermind group for you, start by making a list of all the questions you cannot seem to find the answers to, as well as areas of your business that are causing you the greatest stress or struggle. Take your time with this step, and do not be afraid to write down questions that make you uncomfortable. You need to be honest with yourself about your struggles and shortcomings. Do not beat yourself up, but do not leave anything out either.
Once your list is complete, start looking up mastermind groups online. Check out their offerings and look for red flags like lack of access to helpful information without having to submit a payment, especially if you are new to the real estate investing game. Here are the key services and benefits to look for as a beginner in the industry:
- Access to experienced investors.
- Financial experts who know all the ins and outs of real estate investment.
- Business experts or consulting experts who have built and lead successful ventures in the past.
- Experienced accountants and CPAs (this one is critical).
- Marketing experts who specialize in real estate.
- Real estate business owners.
- Executives of real estate business vendors and service providers.
These are the people you want to talk to on a regular basis to pick their brains or try out new concepts and ideas. These are the experts and professionals who can offer you the most. If you find a group that does not have many members who fall into these categories, you may need to seek out another mastermind group. You are going to be leaning on these people for help and advice. So, you need to make sure that you are getting the best feedback possible. Searching may take time, but finding the ideal mastermind group for you is a huge win.
Reach out to the experts in real estate investing you know through trade shows, seminars and other real estate investment gatherings. Use these experiences and events to find a perfect mastermind group for yourself. If you cannot find one that suits your needs, create your own and invite people you would love to learn from to be a part of it. You may be surprised by how many positive responses you get.
Make the decision today to find a mastermind group or create one of your own. Being part of a strong mastermind group is always a smart business decision, and you will reap the rewards for years to come. REIvault is our mastermind group in which our members are thriving, scaling their businesses to seven figures and beyond.